Allied Blenders and Distillers Limited (ABD) reported its highest-ever annual earnings, with consolidated EBITDA rising 25.8 per cent to ₹568 crore and profit after tax climbing 13 per cent to ₹220 crore for FY26. The board also recommended a dividend of ₹5.4 per share, up 50 per cent from ₹3.6 in FY25.

However, quarterly PAT told a different story. Q4FY26 net profit fell 52.1 per cent year-on-year to ₹38 crore from ₹79 crore, weighed down by a ₹45.45 crore one-time tax charge relating to earlier years. Stripping that out, the quarter’s operating performance was strong — EBITDA hit a record ₹182 crore, up 21.2 per cent, with margins expanding 179 basis points to 17.9 per cent.

Revenue from operations for the full year rose 11.5 per cent to ₹3,949 crore, driven by a 26.8 per cent volume surge in the higher-margin Prestige and Above (P&A) segment. P&A now accounts for 47.2 per cent of total volume, up from 40.4 per cent in FY25. ICONiQ White Whisky, launched in 2022, crossed 10 million cases in FY26 — growing 87.8 per cent over the prior year — and has been ranked the world’s fastest-growing millionaire spirits brand for two consecutive years.

Gross margins expanded 350 basis points to 45.6 per cent, aided by backward integration benefits including the commissioning of a PET bottle manufacturing plant in Telangana in September 2025. Operating cash flow turned sharply positive at ₹362 crore, compared to a negative ₹678 crore in FY25.

The company’s international footprint expanded from 23 to 36 countries in FY26, with export revenues growing 14.1 per cent to ₹235 crore.

On the capital expenditure front, ABD is executing a multi-phase backward integration programme. A single malt distillery in Telangana is expected by H1 FY27, while an ENA distillery expansion in Maharashtra and a bottling unit in Uttar Pradesh are targeted for FY27. The company also announced a 50 per cent stake acquisition in KION Blenders to set up a 66 MLPA dual-mode distillery in Andhra Pradesh, expected by Q4 FY28.

Management guided for mid-teens revenue growth in FY27, with EBITDA margins targeted at approximately 18 per cent by FY28.

Published on May 15, 2026